Asian markets down as investors digest Australia's hot inflation data; eyes on Nvidia earnings

Asia-Pacific stock markets were lower on Wednesday as investors cautiously awaited Nvidia's earnings report, a key event for the AI ​​sector. Markets also reacted to data showing Australia's monthly CPI indicator came in higher than expected in July.

Japan (NKY:IND) -0.02%The Nikkei 225 index fell on Wednesday and the Japanese yen was trading at around 144 to the dollar, near its highest level in three weeks.

In addition, Ryozo Himino, deputy governor of the Bank of Japan, said the central bank would adjust the degree of monetary easing if forecasts regarding economic activity and prices prove correct.

China (SHCOMP) -0.47%The Shanghai Composite fell 0.3% on Wednesday as economic uncertainties in China continued to put pressure on domestic equity markets.

Meanwhile, signs of tensions between China and the West increased after Canada announced it would follow the example of the US and EU and impose 100 percent tariffs on imports of Chinese electric vehicles and 25 percent on steel and aluminium.

Hong Kong (HSI) -0.94%The Hong Kong index fell in early trading on Wednesday, ending gains from the previous two sessions as all sectors declined.

India (SENSEX) -0.06%.

Australia (AS51) -0.29%The S&P/ASX 200 index fell on Wednesday, sliding for a second straight session, as higher-than-expected monthly inflation data reinforced the Reserve Bank of Australia's more hawkish monetary policy outlook.

Total construction output in Australia increased 0.1% quarter-on-quarter to AUD 64.93 billion in the second quarter of 2024, falling short of market forecasts for a 0.7% increase.

In the US, all three major indexes closed higher on Tuesday as investors awaited Nvidia's earnings report and the PCE index on Friday.

US stock futures were sluggish: Dow +0.03%; S&P500 -0.01%; Nasdaq -0.16%.

Markets are looking forward to a flood of economic data this week, including the PCE index, the Fed's preferred inflation indicator, and second estimates of second-quarter GDP numbers.

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